2019/10/10 2040EDSd - D: Priorities Inner West's Strategic Business Advantages Index Inner West Cl draft Economic Development Strategy Sep 2019

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Project Minutes | Blockchain SIG | Blockchain TED Videos | IBM Blockchain for Diamond Ind | RUBAC Video | RUBAC Projects | Disclaimer | Copyright Home | Aboriginal Statement | A: Introduction | B: Inner West's Strategic Business Advantages | C: Inner West Economic Profile | D: Priorities | E: Conclusion INNER WEST COUNCIL DRAFT ECONOMIC DEVELOPMENT STRATEGIC PLAN SEP 2019 D Priorities This Plan focuses on three key priorities that can help drive the development local economy: 1. Making the Inner West a hub for economic and employment growth 2. Embracing the innovation economy 3. Supporting diversity in business growth Priority 1 - Making the Inner West a hub for economic and employment growth With a growing population, low unemployment and a strong economy, the Inner West has a reputation for being a highly desirable place to live, work, play and invest. This is due to a range of factors including: A proximity to Sydney and Parramatta CBDs and Sydney airport B employment, educational and industrial precinct hubs C "eat" streets offering chic restaurants and cafés D small bars, heritage pubs and microbreweries E access to public transport and cycle ways F festivals, cultural events and art scheme G open space and recreational areas The sought after lifestyle and the liveability of the area enhances our reputation and is an important feature to draw on in promoting it as a hub for economic growth and investment. Protecting and enhancing the economic base provided by our industrial and employment lands is fundamentally important to supporting our local economy as is identified in Council's Employment and Retails Lands Strategy. While the Inner West only has an extremely small amount of undeveloped employment lands, our existing industrial lands form a strong economic base. Their value should not be understated with some industrial areas bucking national trends with a thriving manufacturing sector that remains a significant employer in the suburbs of Sydenham, St Peters, and Marrickville, as is highlighted in the Employment and Retails Lands Strategy. Continuing pressure to convert employment lands to residential uses threatens the viability of local industrial and urban services and creates a vacuum of commercial activity that will impact on economic growth and the diversity of employment in the area that helps define our local character. Current issues include fragmented commercial space and a lack of retail anchors due to the small retail floor space that many developers favour. To address this Council will continue to retain and manage industrial and urban services through supporting provisions in its new Inner West Local Environmental Plan and undertaking a strategic review of industrial lands. The new Local Environmental Plan will seek to deliver a framework that will safeguard the area's employment and industrial lands from competing pressures and support local employment and diversity of economic development. The Inner West villages, urban centres and neighbourhoods have a unique character and culturally rich fabric. Council will continue to support the arts, creativity and cultural expression through events, public art, cultural celebrations, entertainment and live music. This will be strengthened by the development of a night-time economy policy that will support our growing visitor and night-time economy. NSW Government plans for the development of the Parramatta Road Corridor present an opportunity for Council to help encourage the development of business precincts for a diversity of new employment activities that could reposition that area as a dynamic and vibrant place to do business. This could be achieved by tailoring commercial and business zones to provide greater flexibility and an opening for new business models particularly for small to medium sized businesses, such as facilitating increased residential densities to encourage the co-location of multiple uses in one building. This could help to capture innovation benefits from the clustering of industries. Similar opportunities will arise for the rejuvenation of other areas as plans to accommodate projected growth of the population of the Inner West are developed under Council's new local environmental plan. Council needs to liaise closely with representatives of the top industries to ensure they remain competitive and provide employment opportunities into the future. Council will also liaise with emerging local sectors as they seek to grow in the Inner West. Potential Extension of Urban Centres Program Council currently has a Special Rate Levy scheme in place for businesses Marrickville, Newtown, Petersham and Dulwich Hill town centre areas. Funds collected under the scheme are applied in those precincts to a range of marketing, branding and event initiatives. This is known as the Urban Centres Program (UCP) which was introduced in the former Marrickville Council area and has proved successful in supporting local business in partnership with local business chambers. It is proposed to extend this scheme to other centres across the Inner West Council area. The Special Rate Levy provides an opportunity for local businesses to work with their local business chamber to develop and apply local initiatives tailored to support their areas. Initiatives can be developed to promote their unique selling points and drive customer visitation. Priority 2 - Embracing the innovation economy Advances in our digital technology are transforming the way we live, work, do business and engage in communities. The Inner West is a strong incubator for new ideas, innovation and emerging technologies to support growth in jobs and investment. There is a need to encourage innovation in business, research activities, education and in the cultural and creative industries to maintain the position of the Inner West as a core location for business and investment. Technological developments are leading to a wide range of emerging 'Smart City' initiatives, many of which have the potential to help establish more sustainable and livable environments for people and enhance services. Smart City initiatives tend to focus on the use of data to make better decisions around the management of assets and services to meet the changing needs of communities. Data can be used to identify who is coming to the area to work, shop, live, learn and play. This information can be used by Council to manage The funds collected are quarantined for the sole purpose of being used in centres and villages to promote, brand and activate business zones. This may include social media campaigns to attract visitors, hosting of special events to encourage customer spend, updating local centre websites to promote the area and any other activity that aligns with an agreed local strategy. The typical cost to an individual local business may be relatively small, e.g. $250 per annum for a small local shop, but can collectively lead to a significant budget being available for local initiatives that all businesses can benefit from. The current scheme for Newtown generates approximately $74,000 per annum.service delivery and by businesses to tailor their products and services to particular market segments. The former Leichhardt Council led the way with an early initiative to provide free local WiFi services in some of its shopping strips. As the technology has rapidly developed and new opportunities arise Council will explore further opportunities to provide digital infrastructure to support local economies. Opportunities to embrace new technologies will also be explored in partnership with adjoining councils. The Inner West is a creative and innovative engine room for Sydney's economy and offers a good employment base for those in the sector, including industries who engage with nearby tertiary educational facilities. These industries embrace many new techniques of digital design, performing arts, creative arts, filmmakers, media and communication, architecture and design. Council will work with industry to support the development of a sustainable economic base through strengthening existing businesses and encouraging a culture that develops creative and innovative entrepreneurs and emerging businesses. Council is supporting the sector by facilitating access to government programs that support innovation and commercialisation along with the delivery of cultural programs and events that support and showcase local talent. The expansion of digital and creative industries has increased the demand for suitable and affordable workspaces. Council has supported the establishment of a co-work space in Newtown. This collaboration recognises that the digital and creative sector depends on operating in the same physical locations to maximise success through business to business interaction and to attract a diverse talent pool to these areas. Creating opportunities for increased shared use of spaces can support growth and respond to changing needs of the digital and creative sectors. The Camperdown precinct on Parramatta Road offers great potential as an area underpinned by internationally recognised health and education institutions which can evolve to be a significant innovation precinct. The NSW Government's Parramatta Road Corridor Transformation Strategy identifies it as having "potential for an innovative business and research hub". This is echoed in the Greater Sydney Commission's Camperdown - Ultimo Collaboration Place Strategy which supports the establishment of a biotechnology hub in the area. Council will work with a wide range of stakeholders to help realise this innovative opportunity. Council will also seek to play an active and influential role working with the NSW Government on the preparation of a masterplan for the Bays West Precinct including White Bay Power Station. This area also has the potential to deliver a major boost to the local economy through new employment and investment in the area. Council will also work with Inner West Business Inc. to help attract new and innovative businesses, from start-ups to Indigenous. Priority 3 - Supporting diversity in business growth The Inner West fosters the development of innovative small businesses in all parts of the economy. This is important to provide a wide range of employment opportunities for our diverse community The Inner West can offer an attractive location for businesses seeking to explore new Economic directions who can draw on synergies from working alongside businesses in growing new sectors such as environmentally responsible products. Council aims to be an exemplar in environment sustainability and renewable energy by continuing to developing strong locally lead environmental policies, divesting from fossil fuels and expanding rooftop solar. Council knows that businesses are interested in being more socially and environmentally responsible. Council is supporting businesses by providing information on ways businesses can save money in managing their energy use and waste. Council will examine ways to assist businesses to link with services or programs that will support a positive environmental impact through their operations In the retail sector major changes are taking place with shifting patterns of consumer spending. The Inner West is well placed to meet the needs of customers looking for specialty stores with characterful and innovative business offerings. Remaining competitive in a constantly changing economic environment requires business to Undertake ongoing knowledge and skills development to maximise their adaptability. Council, businesses and land owners need to work together to support growth by enhancing and renewing retail precincts to attract visitors and encourage thriving centres. Council can help businesses to respond to, and take advantage of, change by providing information on emerging trends and business seminars. Council will continue to develop direct and tailored approaches in partnership with business improvement agencies and local chambers and associations to address local business needs. It is important that Council has an understanding of the drivers of small businesses and continues to work with businesses, chambers, associations and government agencies to strengthen the local economy. Building a successful business takes a lot of time and dedication. Business owners can often feel alone and in need of guidance. Business networking is a valuable way to expand knowledge, learn from the success of others, overcome hurdles and stay motivated. By supporting and encouraging local business networks and industry clusters Council is able to stay abreast of emerging issues and challenges, working with businesses and partners to reduce impediments and enhance growth. The Inner West's Aboriginal and Torres Strait Islander community, multicultural and LGBTIQ businesses make an invaluable contribution to the area's culture, heritage, and identity. Council will continue to support these groups and will support Aboriginal economic participation and self-determination through initiatives that foster opportunities to celebrate Aboriginal and Torres Strait Islander cultures and history, promote arts and grow businesses to strengthen the Inner West identity and cultural richness. Council's role in supporting Aboriginal and Torres Strait Islander's economic participation will require exploring establishing partnerships to support economic development. One important area of employment opportunities and business growth potential Council continues to support is women in business. Council has been running its Women in Business program since 2014 to encourage and mentor women who are starting, or already working, in small businesses. The program will continue to be developed to help empower more local businesses to be run by women. Council will continue to work to attract new employment generating business investment, with a focus on the area's competitive advantages in health, education, professional services and retail and will continue to develop strong linkages and partnerships with key stakeholders, businesses, organisations and networks to ensure enhanced delivery of business programs. E Key Emails E2 Sat 20 Apr 2019 Biogas Digester option for Refugee Sanitation Project R References R4 2014-11-07 IBM "Blockchain" solution for the Diamond Industry Video R3 1997 Lessons from a Dozen Years of Group Support Systems Research - 4,000 IBM projects R2 Sir Evelyn de Rothschild - Director De Beers 1977-1994 & IBM UK 1972-1995 R1 1987-04-23 RUBAC Automatic eProcess Synchronisation Video

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